Key facts
- West Capital Lending Inc. (WCL) was fined $75,000 by Washington state regulators.
- The penalty stems from alleged violations of the state's Consumer Loan Act.
- Violations included unlicensed mortgage activity and failure to meet disclosure requirements.
- WCL agreed to a consent order, paying a $3,000 investigation fee and ceasing violations.
- The company did not admit to any wrongdoing in the settlement.
- WCL has faced similar regulatory actions in Hawaii, Oregon, Idaho, and Florida.
Washington state regulators have imposed a $75,000 penalty on West Capital Lending Inc. (WCL) for alleged violations of the state's Consumer Loan Act. The consent order, entered on July 8, resolves allegations including the use of unlicensed individuals for mortgage-related activities and failures in disclosure and reporting requirements.
Under the agreement, WCL must also pay a $3,000 investigation fee and comply with a cease and desist order. The company did not admit to any wrongdoing and waived its right to a hearing. The allegations arose from an examination of WCL's practices between May 2022 and March 2024, which found instances of unlicensed mortgage originators, failure to secure a license before accepting applications, and unlicensed managers supervising loan officers.
Further claims included WCL's failure to maintain supervisory plans, surety bond coverage, and submit timely and accurate annual and financial condition reports. The lender also allegedly failed to provide timely rate-lock agreements, complete closing disclosures, and provide requested information during the examination. Advertising and website disclosures, loan tolerance requirements, compensation practices, and privacy policies were also cited.
Additionally, WCL was found to have not ensured employees completed required Bank Secrecy Act and anti-money laundering training. While the initial statement of charges sought to revoke WCL's license, these severe measures were not included in the final consent order.
This is not WCL's first regulatory encounter. In 2023, the company settled similar allegations in Hawaii, Oregon, and Idaho, resulting in penalties totaling over $464,000. In June 2025, WCL paid $750 to Florida's Office of Financial Regulation for failing to update its NMLS records.